By David A. Wise
This quantity offers leading edge examine on problems with significance to the wellbeing and fitness of older individuals: exertions industry habit, overall healthiness care, housing and residing preparations, and saving and wealth.Specific themes comprise the impression of work industry rigidities at the employment of older employees; the influence on retirement of the provision of continuation assurance merits; and the impact of the possible fee procedure (PPS) on emerging Medicare expenditures. additionally thought of are the consequences of health and wellbeing and wealth on residing association judgements; the inducement results of employer-provided pension plans; the measure of substitution among 401(k) plans and different employer-provided retirement saving preparations; and the level to which housing wealth determines how a lot the aged retailer and consume.Two ultimate reviews use simulations that describe the consequences of stylized monetary types of habit one of the aged. This well timed quantity could be of curiosity to an individual all in favour of the economics of getting older.
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Additional info for Advances in the Economics of Aging (National Bureau of Economic Research Project Report)
4 This is similar to the fraction who partially retire in Blau (1994) and in Rust (1990). Gustman and Steinmeier (1984), using the same data as Rust, find that about one-third of men partially retire at some time. The explanation of the difference seems to be in the definitions. The authors I have discussed based their conclusions on observed behavior: hours worked or weeks worked. 5 People who say they are retired are often, in fact, working for pay and even working full-time. In that rigidities in the labor market refer to hours worked and wages received, I believe we should base our conclusions on behavior, not self-assessed evaluations, which are subject to differing interpretations.
My conclusion is that we really do not know what causes the clustering around the exempt amount. The earnings test seems to discourage work. Besides its obvious effects on the lifetime income of the worker, it seems to affect the employment opportunities of older workers. Paul (1987, 172) reports on a survey of twenty-five managers who administered work programs in their organizations. The Social Security retirement earnings test was identified by eight of the managers as the greatest disincentive to work for Social Security beneficiaries.
20 Michael D. 8Full-time work tends to be full-year work: in the 1969 RHS 36% of men said they worked two thousand hours, almost all the rest worked more than two thousand hours, except for 19% who did not work at all. Economic theory and common sense say that it is not credible that almost all workers would freely choose similar hours per week and per year: variation in assets, wage rates, family circumstances, and tastes will cause variation in desired hours and, hence, in observed hours. 3% of workers said they were on flextime (Mellor 1986).